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London housing association increases fire safety spend by a fifth

The 48,000-home Hyde Group’s financial results show its fire safety costs increased by a fifth last year.

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Hyde’s net fire safety costs were £20.2m in 2019/20, up from £16.8m the year before (picture: Getty)
Hyde’s net fire safety costs were £20.2m in 2019/20, up from £16.8m the year before (picture: Getty)
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London housing association increases fire safety spend by a fifth #UKHousing

.@HydeHousing spending on fire safety nears £50m in three years #UKHousing

.@HydeHousing records ‘all-time high’ liquidity levels #UKHousing

Hyde’s net fire safety costs were £20.2m in 2019/20, up from £16.8m the year before, bringing its total spend on building safety to £49m since 2017.

This expenditure covered remedial works, including re-cladding and compartmentalisation in 10 buildings, as well as rectifying defects in communal areas and individual homes.

The landlord’s financial results also showed a stable pre-tax surplus of £115.7m – a slight increase from £114.4m in 2018/19.

Its “adjusted surplus” – its pre-tax surplus adjusted to exclude impacts from one-off activities and accounting – increased from £134.8m to £161.3m.


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Liquidity hit an all-time high of £828.3m, up from £606.6m last year, which the group said will help it ride out the short- and long-term effects of the COVID-19 pandemic.

Hyde also noted that its reserves have doubled over the past five years, reaching £609.1m in 2019/20.

The London-based landlord made headlines earlier this year by becoming the first social landlord to try to set up a for-profit provider.

Peter Denton, Hyde’s chief executive officer, said: “This year’s results provide a sensible platform from which to grow, not only through the short term COVID-19 crisis but also in the medium and longer term, helping us meet the ambitions of our 2050 strategic plan that we launched in April.”

Chief financial and resources officer Rod Holdsworth said Hyde’s adjusted surplus position demonstrates its strong financial delivery this year.

He added: “Our core operating margin at 31.8% has remained consistently above 30% for the past five years, with additional investment in data and customer service this year.

“During the year, we have strengthened our funding position, having £2.2bn of committed facilities and £828.3m liquidity at the year-end. This provides a very robust position from which to weather the short- and long-term effects of COVID-19.”

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